Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1887-03-26
RICHMOND'S REAL ESTATE
The DO ON In the East and West Ends of
the City-Solid and Substantial Increase
IN Ualnos

The DO ON in the East and West Ends of
the City-Solfd and Substantial Increase
in Values.
For some months past there has been
great activity in the real estate market of
Richmond and property in the East and
West Ends has rapidly advanced in prices.
The present boom is attributed to the pro-
jected street-car lines, street improvements,
and the natural growth OF the city. In 1873
there was great boom in real estate and
property in every section of the city
was sold at what was then thought to be
fabulous prices, while no god reason
could be advanced why real estate should
bring such prices. But the speculative fe-
yer continued to spread for few months !;
but the end finally came, and the boom col
iapsed resulting in heavy losses to those
who had invested, and it was long time
before the real estate market recovered from
its effects.
Since that time the city has grown. Cap
italists ever ON the lookout for good, solid
investments, seeing that the West End was
the place to put their money, went into the
market and purchased largely, and many
tracts of land have changed hands within
the past six months. To give some idea of
the increase in values of real estate in the
West End within the past twelve months, it
is only necessary to state that lots on Main
and Gary streets extended, and in Harvle-
town, which were sold at from three
to five dollars per front. foot have recently
been sold for from nine to fifteen. dollars per
front foot. The reason of this great advance
is from the fact that in the near future a
wide avenue similar to the present Reser-
voir boulevard, is to be constructed from the
river to Grove avenue thence to the Broad
Street road and along this avenue line of
street-cars will run, thus atfording transpor-
tation from that section to all parts OF the
CITY; and besides, that is the locality in
which persons of moderate means will have
to look for lots on which to build their
homes For while they can afford to nay
from $40 to SIS per foot they cannot afford
to pay $75 and 500, and thus from necessity
they will settle there.
THE EAST END.
1t is not only in the West End that pro
perty has advanced; for in that section of
our city known as the East End, situated
upon Church, Union and Chsmborazo Hills,
property has advanced over 100 per cent.
within the past three months. This adj
vance is attributed to the contemplated
street railway to be built by the Union
Passenger Street Railway Company
and the various street improvements.
Besides, the appropriation made by Congress
to improve the road leading to the National
Cemetery will make this beautiful drive
pected that the vacant places along this road
viii be built up as was the case on Grove
avenue. A gentleman who is thoroughly
posted, in speaking of the advance in real
estate, said that the East-End was the place
to put money as an investment; eligible sites
for private residences could now be pur-
chased for from five to ten dollars per
foot which. in his opinion, in less than five
years will bring twenty to twenty-five dol
lars. That portion of The city, said he, is
susceptible of grand Improvements. Col.
w. +. Cutshaw has asserted if the City
Council would appropriate sloo,otO for the
improvement of Marshall Ward he would
make il the garden spot of the city.
While property in other parts of the city,
as general thing, has not advanced in the
same ratio, still the market is stiff, and
Main and Broad-street p operty command
high prices and is much sought after by
capitalists.
Altogether, the future prospects of Rich
mond are very bright, and property con-
liguous to thickly-settled portions of our
city, which for years has been far below its
actual value, is beginning to approximate
its true value.